ACCOUNTS - Final Accounts

TOUCH GENERATION LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-08-312021-08-312022-05-31true2020-09-01truefalseproviding licence services.11falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11543814 2020-09-01 2021-08-31 11543814 2019-09-01 2020-08-31 11543814 2021-08-31 11543814 2020-08-31 11543814 c:Director1 2020-09-01 2021-08-31 11543814 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-09-01 2021-08-31 11543814 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-08-31 11543814 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-08-31 11543814 d:CurrentFinancialInstruments 2021-08-31 11543814 d:CurrentFinancialInstruments 2020-08-31 11543814 d:CurrentFinancialInstruments d:WithinOneYear 2021-08-31 11543814 d:CurrentFinancialInstruments d:WithinOneYear 2020-08-31 11543814 d:ShareCapital 2021-08-31 11543814 d:ShareCapital 2020-08-31 11543814 d:RetainedEarningsAccumulatedLosses 2021-08-31 11543814 d:RetainedEarningsAccumulatedLosses 2020-08-31 11543814 c:OrdinaryShareClass1 2020-09-01 2021-08-31 11543814 c:OrdinaryShareClass1 2021-08-31 11543814 c:FRS102 2020-09-01 2021-08-31 11543814 c:AuditExempt-NoAccountantsReport 2020-09-01 2021-08-31 11543814 c:FullAccounts 2020-09-01 2021-08-31 11543814 c:PrivateLimitedCompanyLtd 2020-09-01 2021-08-31 11543814 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2020-09-01 2021-08-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11543814

TOUCH GENERATION LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2021

TOUCH GENERATION LIMITED

REGISTERED NUMBER: 11543814

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2021

		2021		2020
Note	£	£	£	£

Fixed assets
Intangible assets	4		77,133		129,358
			77,133		129,358
Current assets
Debtors: amounts falling due within one year	5	64,648		1
		64,648		1
Creditors: amounts falling due within one year	6	(38,378)		(58,326)
Net current assets/(liabilities)			26,270		(58,325)

Net assets			103,403		71,033

Capital and reserves
Called up share capital	7	1	1
Profit and loss account		103,402	71,032
		103,403	71,033

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TOUCH GENERATION LIMITED

REGISTERED NUMBER: 11543814

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 AUGUST 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 May 2022.

A Ah-Lim

Director

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

1.	General information

Touch Generation Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 9 Ensign House, Admirals Way, Marsh Wall, London, E14 9XQ.
The company specialises in providing licence services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The directors have taken consideration of the impact of COVID-19 on the business and the withdrawal of the United Kingdom from the European Union. The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

2.Accounting policies (continued)

2.4

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The estimated useful lives range as follows:

Website development

years

2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Taxation

Tax is recognised in the Statement of Comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 -1).

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

4.	Intangible assets

		Website development
		£
	Cost
	At 1 September 2020	208,900
	At 31 August 2021	208,900
	Amortisation
	At 1 September 2020	79,542
	Charge for the year	52,225
	At 31 August 2021	131,767
	Net book value
	At 31 August 2021	77,133
	At 31 August 2020	129,358

Debtors

					2021	2020
					£	£


Amounts owed by group undertakings	64,647	-
Other debtors	1	1
	64,648	1

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TOUCH GENERATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Amounts owed to group undertakings	24,113	52,126
Corporation tax	8,039	-
Other taxation and social security	4,800	4,800
Other creditors	26	-
Accruals and deferred income	1,400	1,400
	38,378	58,326

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1	1	1

8.	Related party transactions
	The company has adopted the exemption permitted by Financial Reporting Standard 102, not to disclose any transactions with the ultimate parent company or any wholly owned subsidiary undertakings of the group. At the end of the year the total amount due to connected parties was £26 (2020 - £Nil).

9.	Controlling party

The immediate and ultimate parent company is Touch Financial Support Limited. There is no ultimate controlling party.

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